San Diego–April 1, 2016 – CBRE Group, Inc. announced the sale of Park East Apartments, located at 111 West Pennsylvania Avenue, in the submarket of Hillcrest for a total consideration of $16.5 million. CBRE multifamily experts Jim Neil, Eric Comer and Merrick Matricardi represented the seller, Klingbeil Capital Management. The buyer, E&B Ranch Properties LLC, is based in San Diego and represented themselves.
Park East is a three-story, 56-unit apartment complex, located on a quiet cul-de-sac overlooking a tree-filled canyon with views of the San Diego Bay. The 36,350 square foot complex was built in 1969 and underwent a major renovation in 2008; the unit mix consists of a studio, one and two bedroom floor plans. There have been interior renovations to 47 of the 56 units—dark wood cabinets, stainless steel appliances, floating wood laminate floors, floor to ceiling windows and black granite counter tops. The community amenities feature a pool, barbecue, laundry facility, an outdoor entertaining area, fitness center, outdoor veranda and a clubhouse.
The property is located in the pedestrian-friendly neighborhood of Hillcrest and is in proximity to Balboa Park, more than 145 eateries, coffee shops and boutiques. There is also easy access to the Interstate 8, Interstate 5 and the 163 freeway.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
